Share via

What has the world of high finance to do with small businesses? On the face of
it, not a lot, but Goldman Sachs, a name synonymous with the former, has
been investing time and money for the past three years in helping
entrepreneurs around Britain.

Having started as a partnership with Leeds University Business School in 2010,
Goldman Sachs 10,000 Small Businesses has expanded to include four other
universities across the country, with SaÏd Business School at the University
of Oxford as its national partner. In all, 600 entrepreneurs have been
through or are in the programme, which consists of 100 hours of study over
four months.

The programme was created on the back of analysis showing that the impact on
the economy of high-growth small businesses around the country is
disproportionate to their size. As a result, businesses are selected on the
basis of their prospects, as well as their record.

Michelle Pinggera, Goldman’s chief of staff for Europe, said: “We do not
target lifestyle businesses or start-ups. They have to be established
businesses with aspirations to grow ..... Businesses that have come through
the programme include everything from manufacturers to services and
hospitality.”

Through its network of universities, which also include Aston Business School,
Manchester Metropolitan and UCL, the programme runs eight cohorts a year.

Local accountancy and legal firms are briefed on its existence so that they
can mention it to clients, as well as councils and business bodies spreading
the word. Interested entrepreneurs submit information about their business
and what they hope to achieve. Some are then invited for an interview with a
four-person panel including a Goldman representative.

There are about 100 applicants for each intake. Successful candidates are
taken on in groups of 25 to 35. The cohorts are then broken down into
smaller numbers for some sessions, such as when the group discuss ideas – a
key part of the programme. There are also pro bono legal sessions and
specialists brought in to talk about areas such as procurement or marketing.
Results indicate that the programme makes a significant difference. More
than three quarters of participants have reported that they increased their
headcount, compared with a quarter of all small businesses in the UK. Two
thirds of those who have been through the programme said that they were
growing revenue, compared with a third among all small businesses.